By Russ Britt

An apparent recommendation against approving an anti-blood-clotting drug produced by The Medicines Company took its toll on the drug maker’s shares in early trading Monday, but there may be more to the story than meets the eye.

One FDA reviewer, Thomas Marciniak, recommended rejection of Cangrelor in the initial pages of the document while another panel member, Fortunato Senatore, called for approval of the drug. Analysts say that could be significant.

Leerink Co. analyst Joseph P. Schwartz said in a note to clients that Marciniak’s call for rejection “should not come as a surprise given what we view as his history of negativity.” He adds Marciniak’s negative recommendations haven’t stood in the way of other drugs getting approval. And even if Cangrelor is rejected by the panel when it meets later this week, it has plenty of drugs recently launched to boost revenue.

Umer Raffat of ISI Group issued an initial note saying things looked bleak for Cangrelor, then followed up with another one disclosing Senatore’s nod of approval.

“Needless to say, this will be an interesting [committee recommendation] to track,” Raffat said.

Adnan Butt of RBC Capital Markets says he thinks the drug will get the panel’s OK but believes the initial finding by Marciniak raises the risks for approval.

Story Conversation

About Health Exchange

Health Exchange guides investors to the crucial market intelligence they need to keep up with the health care industry, which makes up one-sixth of the U.S. economy. Anchored by Russ Britt, Health Exchange is the essential site for those looking for the most important news, data and analysis on the sector. You can reach Russ at Rbritt@marketwatch.com.